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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: unclewest who wrote (146045)	11/7/2005 8:27:12 AM
From: unclewest	Respond to of 793964

Another point RE: taking land. Last year the state of NC used the threat of imminent domain to acquire some apartments I owned that had ended up in the middle of NC A&T University campus as they acquired land over the years. They paid me 11% more than my (high) asking price because their internal appraisers felt the value was there. I was shocked by that. They also paid a handsome moving and relocation allowance to each tenant. And the city assisted the tenants with relocation advice, residence search, etc. From an investor viewpoint, federal law allows a 1033 exchange for such a taking. The key differences between a 1033 and a 1031 are: The seller can take immediate possession of the money and draw interest on it. No intermediary is needed. The time frame for reinvesting 1033 money with no tax due on the gain is two years following the end of the year in which the transaction was closed.